According to CoinDesk, spot bitcoin exchange-traded funds (ETFs) in the U.S. have seen their fifth consecutive day of outflows, resulting in losses exceeding $900 million for the week. Grayscale's GBTC and Fidelity's FBTC were the primary contributors to the outflows, while BlackRock's IBIT was the only ETF to record net inflows.
Data compiled by SoSoValue reveals that the 11 listed ETFs lost $140 million on Thursday, with trading volumes reaching $1.1 billion. Grayscale’s GBTC, which has mostly experienced outflows since its conversion to an ETF in January, led the outflows with $53 million, closely followed by Fidelity’s FBTC with $51 million. BlackRock’s IBIT, the largest ETF by assets held, was the only product to record net inflows, amounting to $1 million. Other products saw no net inflow or outflow activity.
This level of outflow activity is the most severe since late April, which recorded $1.2 billion in total net outflows in trading sessions from April 24 to May 2. However, inflows picked up subsequently, with the products adding more than $4 billion over the next 19 days of trading. This was before the current outflow surge began on June 10.
BTC prices have generally been under pressure in recent weeks due to $1 billion in sales from large holders, a strong dollar, and a robust U.S. technology index market.